Barry's Accounting Services, Corp.
1852 Flatbush Avenue - 2nd Floor
Brooklyn, New York 11210
(718) 677-4006
E-mail:
clembarry@aol.com
 
Client Update - quarterly newsletter
 
 

 

Entertainment Tax Accountant, Financial Advisor, Business Manager - Barry's Accounting Services - Brooklyn, NY
Business advisors to the Stars

Entertainment/Performance Industry


Question
"What has Barry's Accounting Services done for the artists, and what can the firm do for me today?"

Answer

1) Tax Accounting: We are Tax Accountants. We plan, budget, organize, and monitor our clients' concert and tour budgets, expenses, cash flow, contingency funds, income streams, and investments. We prepare all the necessary tax returns and help them avoid paying thousands of dollars in interest and penalties to the government. Some of them have been our clients for over 10 yrs.
2) Public Relations & Crisis Management: We work with celebrities, companies, and professionals in the U.S.A. and overseas to successfully build, enhance, and maintain their public image; and vigorously defend their reputation if/when they are faced with adversity. Some of them have been our clients for over 12 yrs.

We are on top of everything. Everything that we have done for our clients was discussed with them, reviewed by them, and approved (written consent) by them. Hence, none of our clients have had to endure tax or financial nightmares or file bankruptcy.

We recommend that our entertainment clients also hire the following professionals:

a) A Booking Agent or Business manager: to secure jobs/work for them and help them build their brand and expand their career. A professional Booking Agent or business manager would have a strong calendar of events from his/her roster of promoters.
b) An Attorney: to prepare and review their contracts, advise them accordingly; and help them defend their brand, trademarks, etc., against unscrupulous people.

 

Overview

Barry's Accounting Services is a household name among top-tier entertainers and media personnel. We are small enough to know you personally, appreciate your business, treat you as a valuable client, and ensure that you always benefit from our constant exchange of ideas, and we are diversified enough to provide you with an array of value-added services in other industries and cater to your needs quickly without having to go through red tape and board meetings.

Everything that we have done for our clients were discussed with them, reviewed by them and approved (written consent) by them. Barry's Accounting Services will honor its agreement as stipulated in our written contract with the artist/artist manager :- Design business strategies and articulate strategic plans that fit into aggressive marketing and public relations campaigns; ensure tours and release of your album is treated as priority; establish a corporation to manage business-related income, expenses, and investments in accordance with current bookkeeping/ accounting and tax rules; provide the artist/manager with clear weekly/monthly financial reports; review promoter's general/spectator liability insurance policy, event cancellation policy, artist non-appearance option; scrutinize contracts and modify exclusions, power of attorney, key man clause, sunset clause, back-end/front-end deals, guarantees (multiple shows, favorable routing, booking in other regions, etc.) and ensure that the artist receives adequate and timely payment from the record label, publishers, promoters, sponsors, and merchandisers, etc.; help artist renegotiate/buyout of existing contract(s); budget and coordinate concert tours; communicate with booking agents, label A&R department, and sponsor's liaisons; review prenuptial agreements and divorce decrees for tax consequences before the artist signs them; prepare a personal financial/retirement plan for the artist; plan, purchase, manage, and sell business entities approved by the artist; connect artist to overseas promoters and foreign entertainment accounting firms if this service becomes necessary; audit (tour accounting, royalty, publishing and merchandising companies) and hold everybody accountable for the artist's money; prepare personal and corporation tax returns; assist artist with purchasing, renovating, insuring, leasing, and selling real estate, boats and planes; screen key employees and business associates, and coordinate special events on your behalf.

 

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Income
1) Appearances (promotional, opening act, headliner, movies, and fashion)

2) Tickets & VIP Packages (private parties, concerts, tours)

3) Ancillary/Residuals (studio rents, merchandise sales, endorsements/sponsorships, and advertisers)

4) Royalties (record company, copyright infringement, music and book publishers, radio playlist, songwriting, film and movie soundtracks, etc.)


Non-Income

Charitable, goodwill, and public relations appearances.


General Expenses/Overhead

Support staff/entourage: Agent, managers, producers, coach, choreographers, security, secretary, chaperon, beautician, publicists, attorney, bookkeeper, accountant, master of ceremony/announcer, casting directors, photographers, technicians, musicians, and foreign and local promoters and distributors.

Related expenses: Baby-sitter, maids, chef, butler, and gardener/caretaker (Forms W2, household employees vs. independent contractors), advertising and promotion, printing, postage, stationery, charitable contributions, insurance (property, health, disability, medical, and long term care), medical expenses, bank charges, pension contributions, transportation (air, limousine, tour buses, trucks), taxes and permits (local and foreign), meals, lodging, costumes, studio fees, rehearsal space, hall/stadium rent, lodging while on tour, leases, depreciation deduction, organizational expenditures/deferred expenses, musical instruments and related accessories, equipment repairs, opening acts/artist, stage lighting and decorations, audition fees, portfolio and resume, professional/membership dues, telephone and answering service, electricity, health club, physical training/education, script preparation, dance lessons, voice training, casual labor/stage hands, co-writers, record producers, mixers, taste makers, remixers, hit makers, engineers, co-publishers, costumes, rehearsal clothing/props, tips backstage (dressers, doormen, porters, bell hops, etc.), theatre books, sheet music, scripts, score cards, the cost of attending plays, movies, and concerts to observe trends in your industry and to maintain and improve skills in your profession, celebration, and special events in accordance with industry norm.

 

WARNING!
New York Post, Friday, October 5, 2007, page 38.
Nypost.com

"Music 1, Pirates 0"

"Vivendi SA's Universal Music Group and other record companies won the first trial over music downloading in the case against a Minnesota mother of two accused of sharing songs over the Internet without permission. A jury in Duluth, Minnesota, said she improperly distributed songs over the Internet. She was told to pay $9,250 for each of 24 songs downloaded for a total of $222,000."



WARNING!
Yahoo! News, Yahoo.com, Friday, December 5, 2008.

"Guitarist Satriani accused Coldplay of plagiarism "

"Los Angeles (Reuters) — Rock guitarist Joe Satriani has sued British band Coldplay, accusing the Grammy-nominated stars of plagiarizing a substantial portion of his 2004 instrumental beat in "If I Could Fly" into their song, "Viva La Vida." In the lawsuit filed in Los Angeles federal court on Thursday, December 4, the guitarist is seeking a jury trial, damages, and "any and all profits" attributable to the alleged copyright infringement..."



WARNING!
The Seattle Times, Tuesday, June 19, 2012.

"Pearl Jam former exec charged with stealing $380,000 from band"

"The former Chief Financial Officer of the Seattle rock band Pearl Jam was charged with 33 counts of theft for embezzling $380K, including unauthorized charges on the band's credit card, $15K in road cash, and an unaccounted balance of $35K for the 2005 tour. He allegedly used some of the money to pay vendors who were associated with two companies that he owns, and paid for credit card charges that he and his wife racked up at wineries, hotels, restaurants, and spas. He also made a number of unauthorized wire transfers. The theft was discovered by another accountant and Rickey Goodrich was removed as tour accountant in August 2009 and fired in September 2010. After the band had initiated its own financial audit and confronted Goodrich with the discrepancies, he repaid $45K for so-called loans he paid to himself by forging the band manager's signature. The Seattle police launched a criminal investigation in January 2011, and a summons was sent to Goodrich's home in California on June 28, 2012, ordering him to appear for arraignment in King County Superior Court. Goodrich, who had no criminal history, could face up to 5 years in prison if convicted."

 

WARNING!
The BBC, ABC & Independent News – Friday, July 07, 2012
The Times of India – Fri, July 07, 2012

"Trusted Secretary slowly stole £2.2m from U2 bassist Adam Clayton"

"Carol Hawkins was convicted on 181 counts of theft and sentenced to seven years in prison for the embezzlement of 2.8 million euro (£2.2 million), $3.5million from her employer's bank accounts during the period, 2004-2008. During the trial at the Circuit Criminal Court in Dublin, a jury of seven men and five women heard how Hawkins, of Lower Rathmines Road, Dublin had gained Clayton's "absolute trust". Hawkins was originally employed from 1992 as a housekeeper at Clayton's Rathfarnham mansion, in south Dublin. Having gained his trust over the years, she was eventually appointed his Personal Assistance and was responsible for some of his bookkeeping. Her former husband, John Hawkins also worked as a casual driver and cook for the U2 bassist. The couple, who lived in Clayton's home rent-free, was paid a joint salary of 48,960 euros ($61,200). Investigations later revealed Carol acquire 22 racehorses, splashed cash on exotic holidays, limousine services and designer boutiques in New York, such as Roberto Cavalli. She used the Rock-Star's money to purchase a Volkswagen Golf for her son Joe, and paid for fashion and film courses for her children. Judge McCartan said Hawkins' crimes were "rooted in greed and nothing else." He also made an order for funds raised through the sale of a New York apartment bought by Hawkins to go towards paying back some of the 2.8 million euro she stole. Speaking after the verdict was delivered, Clayton said he was pleased with the ruling and thanked his legal team."


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